Registered number
02610649
Practical Engineering Limited
Filleted Accounts
31 May 2023
Practical Engineering Limited
Registered number: 02610649
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 556 654
Current assets
Cash at bank and in hand 1,571 2,545
Creditors: amounts falling due within one year 4 (1,548) (18,968)
Net current assets/(liabilities) 23 (16,423)
Net assets/(liabilities) 579 (15,769)
Capital and reserves
Called up share capital 200 200
Profit and loss account 379 (15,969)
Shareholders' funds 579 (15,769)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P J Roffey
Director
Approved by the board on 19 February 2024
Practical Engineering Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 15% Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 2,039
At 31 May 2023 2,039
Depreciation
At 1 June 2022 1,385
Charge for the year 98
At 31 May 2023 1,483
Net book value
At 31 May 2023 556
At 31 May 2022 654
4 Creditors: amounts falling due within one year 2023 2022
£ £
Directors loan account. 441 17,428
Other creditors 1,107 1,540
1,548 18,968
5 Recovery of investment
Last year the investment was revalved to zero as this was considered irrecoverable. In May 2023 £17,000.00 was recovered and drawn by the company.
6 Other information
Practical Engineering Limited is a private company limited by shares and incorporated in England. Its registered office is:
Darent Acres
Shackland Road
Shoreham
Kent
TN14 7TU
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